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Market Report

Tuesday, 08-Nov-2016


  • The 30-share Sensex index closed 132.15 points, or +0.48 per cent, higher at 27,591.14 today, while the 50-share Nifty index settled 46.50 points, or +0.55 per cent, up to close at 8,543.55 today. Hope of diminished political uncertainty in the US also boosted risk appetite ahead of the US presidential election later in the day. Firm global cues amid selective buying on the bluechip counters also helped. In the Nifty50 index, 31 stocks ended the day in the green.

  • Markets gained momentum in late trade to end higher today after the recent developments indicate that Hillary Clinton is most likely to emerge victorious in the US presidential elections. The outcome of United States presidential elections of 2016, which will be held today, will have a bearing on global stocks. The results are expected on the next day of elections.

  • The Nifty50 ended a volatile day above its crucial resistance level of 8,500 and slightly above its opening level of 8,543 today just ahead of the outcome of the US presidential election. In the process, the index formed a 'Doji' pattern on the daily candlestick charts. Although Doji is a neutral chart pattern and often signals indecisiveness among the bulls as well as the bears, it could be a precursor to a corrective or consolidation phase for a couple of sessions unless the Nifty50 decisively closes above the 8,600 and 8,650 levels, experts said.

  • The govt in a surprise decision late tonight has made existing Rs 500 and Rs 1,000 currency notes invalid with effect from midnight today. Banks will remain closed tomorrow for the public to allow them time to cope with the government's decision to discontinue existing Rs 500 and Rs 1,000 currency notes. However, the stock markets will remain open, and clearing and settlement systems will operate normally, exchange official said. All risk management systems and surveillance measures have been beefed up by SEBI and the stock exchanges to tackle any extreme volatility in the wake of demonetisation of certain currency notes and the US presidential election results.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)